Fema

AESL has held back Think & Learn's share allotment in its ₹100-crore rights issue, citing concerns over FEMA, ECB and Companies Act compliance

A Delhi court refused Anil Ambani's request to stop media reports on alleged ₹41,000-crore fraud, saying it will hear all media organisations first before deciding on any interim order

Reliance Group Chairman Anil Ambani refused to appear before the Enforcement Directorate in a Foreign Exchange Management Act (FEMA) case for the second time on Monday. The businessman said he was ready to depose before the federal probe agency via "virtual appearance/recorded video", a statement he made when he skipped the summons the first time on November 14. The ED had rejected Ambani's offer and issued him a fresh summons for Monday. It was not clear if the agency would issue a third summons now. Proceedings under the FEMA are civil in nature, as against the criminal processes under the anti-money laundering law. In a statement, a spokesperson of the 66-year-old businessman said, "Mr Anil D. Ambani has offered to make himself available for the recording of his statement, at any date and time suitable to ED, via virtual appearance/recorded video." According to sources, the agency had asked Ambani to appear before it in person on Friday and record his statement under the FEMA.

The Enforcement Directorate on Tuesday conducted searches in Maharashtra and Madhya Pradesh as part of a FEMA investigation being conducted against Anil Ambani Group company Reliance Infrastructure, official sources said. At least six premises of some linked entities in Mumbai and Mhow in Indore were searched, they said. The surprise action was part of a Foreign Exchange Management Act (FEMA) investigation being conducted against Reliance Infrastructure on charges of making some illegal remittances abroad, they said. The company said in a statement that the ED action was in relation to a matter "dating back 15 years". "In 2010, the company had awarded an EPC contract for the construction of the JR Toll Road (Jaipur ?Ringus Highway) to Prakash Asphaltings & Toll Highways." "This was a domestic contract with no foreign exchange involved," it said in a statement. The work was completed and the company has no continuing connection or relationship with the said contractor. The toll ..

ED's investigation allegedly found that Myntra received FDI equivalent of Rs 1654.35 crore and that it sold the majority of its goods to Vector E-Commerce

The ED files Fema case against Myntra for ₹1,654 crore FDI violation, alleges it routed retail sales via group firm Vector while posing as wholesale; complaint filed under Section 16(3)

Twenty Democratic-led states have filed suit against the Federal Emergency Management Agency, challenging the elimination of a long-running grant programme that helps communities guard against damage from natural disasters. The lawsuit contends President Donald Trump's administration acted illegally when it announced in April that it was ending the Building Resilient Infrastructure and Communities programme. FEMA cancelled some projects already in the works and refused to approve new ones despite funding from Congress. "In the wake of devastating flooding in Texas and other states, it's clear just how critical federal resources are in helping states prepare for and respond to natural disasters," said Attorney General Andrea Joy Campbell of Massachusetts, where the federal lawsuit was filed on Wednesday. "By abruptly and unlawfully shutting down the BRIC programme, this administration is abandoning states and local communities that rely on federal funding to protect their residents .

President Donald Trump's plan to begin "phasing out" the federal agency that responds to disasters after the 2025 hurricane season is likely to put more responsibilities on states to provide services following increasingly frequent and expensive climate disasters, experts said. "We want to wean off of FEMA (Federal Emergency Management Agency) and we want to bring it down to the state level," Trump said on Tuesday in an Oval Office appearance with administration officials about preparations for summer wildfires. Trump and Homeland Security Secretary Kristi Noem have repeatedly signalled their desire to overhaul, if not completely eliminate, the 46-year-old Federal Emergency Management Agency. While there has been bipartisan support for reforming the agency, experts say dismantling it completely would leave gaps in crucial services and funding. "It just causes more concern on how states should be planning for the future if the federal government's not going to be there for them," sai

Trump administration releases migrants to border shelters it previously warned might face prosecution for aiding migrants, causing confusion and straining already scarce resources

In a bid to ensure corrective action rather than just punitive measures, the Director added that the ED would encourage defaulters to file for compounding of offences where appropriate

The Karnataka High Court has asked Google India and three executives to provide bank guarantees for 50% of Fema penalties linked to ₹364 crore in alleged violations

The case pertains to alleged FDI being sourced by OSF and the utilisation of these funds by certain beneficiaries in alleged contravention of Fema guidelines

Raveendran has called for an investigation into what he alleged is a "criminal collusion" between accounting firm EY India, GLAS Trust which represents US lenders, and the IRP

The RBI has also allowed non-resident Indians to use such balances for foreign investments, including foreign direct investment (FDI) in non-debt instruments

Under India's FDI rules, e-commerce platforms are prohibited from exercising control over vendors and are required to operate solely as neutral intermediaries

Due diligence has been mandated for schemes where investors from the same group contribute 50 per cent or more to the corpus before availing the benefits of QIB status

The Finance Ministry on Thursday modified the compounding rules for offences under the Foreign Exchange Management Act (FEMA) by raising the monetary limits for adjudications by RBI officials and allowing online payments. As per the Foreign Exchange (Compounding Proceedings) Rules, 2024, the fees for filing compounding application has been doubled to Rs 10,000 plus GST, from Rs 5,000 earlier. The notification further said that Assistant General Manager rank officials of the RBI can decide on compounding application of up to Rs 60 lakh, up from Rs 10 lakh earlier. Similarly, the monetary limits for Deputy GM and General Manager rank officers have been raised to Rs 2.5 crore and Rs 5 crore respectively. Chief General Manager in the RBI will be authorised to decide on compounding cases of above Rs 5 crore. In a statement, the Finance Ministry said the Foreign Exchange (Compounding Proceedings) Rules, 2024, will replace the Rules issued in 2000. In pursuance of the Union Budget 2024-

The Enforcement Directorate on Wednesday said a penalty of Rs 908 crore has been slapped in a case related to the violation of foreign exchange rules against DMK MP S Jagathratchakan and his family members. The federal agency issued a statement which said that properties worth Rs 89.19 crore, seized in September 2020, have been confiscated following an adjudication order issued on August 26 under the Foreign Exchange Management Act (FEMA). Jagathratchakan, 76, represents the Arakkonam Lok Sabha seat. The agency said a FEMA probe was initiated against the MP, a businessman from Tamil Nadu, his family members and related Indian entity. This investigation, it said, resulted in the passing of seizure order, dated September 11, 2020 under section 37A of FEMA, for various movable and immovable properties in the name of the MP and his family members. There are valued at Rs 89.19 crore. "The properties worth Rs 89.19 crore which were seized in terms of section 37A of FEMA were also ordere

This move comes in response to several requests from foreign investors seeking to simplify the reporting requirements they currently face when exceeding the 10 per cent threshold

The Supreme Court on Monday dismissed a plea by the ED challenging a Bombay High Court order, which directed the RBI to consider the compounding applications filed by NDTV in a case of alleged FEMA violation. A bench of Justice Abhay S Oka and Justice Augustine George Masih said no case for interference was made out. The high court, in its 2018 order, set aside objections raised to the compounding proceedings by the Enforcement Directorate (ED), which had earlier flagged the alleged Foreign Exchange Management Act (FEMA) violations and issued showcause notices to NDTV. In November 2015, the ED issued showcause notices to the news organisation for allegedly flouting foreign exchange regulations while availing of overseas and foreign direct investment facilities to the tune of more than Rs 2,000 crore. In March 2016, NDTV filed an application with the Reserve Bank of India (RBI) for compounding of the contraventions alleged in the showcause notices. However, a year later, the RBI to